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EUR/USD Rebounds Sharply as Flynn Prepares to Testify Against Trump

December 1, 2017 by

EUR/USD was falling throughout the current trading session but bounced sharply after the report that US national security adviser Michael Flynn is prepared to testify that President Donald Trump directed him to make a contact with Russians. The news drew investors’ attention away from the question of the US tax reform and today’s US economic data.

Markit manufacturing PMI slipped from 54.6 in October to 53.9 in November according to the final estimate. It was almost the same as the average forecast and the preliminary estimate of 53.8. (Event A on the chart.)

ISM manufacturing PMI slid as well, falling from 58.7% in October to 58.2% in November, missing the forecast of 58.4% by a small margin. (Event B on the chart.)

Construction spending rose 1.4% in October from September, almost three time the forecast increase of 0.5%. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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